Forbes magazine says the Toronto Maple Leafs are the most valuable NHL franchise with a value of $521 million US.

The New York Rangers are second at $507 million, followed by the Montreal Canadiens at $445 million. 

Forbes has Vancouver seventh at $300 million, Calgary 13th at $220 million, Edmonton 15th at $212 million, Ottawa 17th at $201 million and Winnipeg 24th at $164 million. 

Average NHL team worth more in 2011

The magazine says the average NHL team, is now worth $240 million, up five per cent from a year ago. 

But rising player costs are cutting into profits. 

Still the teams worth the most are doing just fine, according to the magazine. 

Forbes says the Leafs, Rangers and Habs posted an aggregate operating profit greater than the rest of the league combined.